BMO, Scotiabank CEOs get big pay hikes in 2010

Mon Feb 28, 2011 3:15pm EST
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TORONTO (Reuters) - The chief executives of Bank of Montreal and Bank of Nova Scotia got pay raises of 28 percent and 9 percent, respectively, in 2010, as the banks emerged from the financial crisis with strong profits.

BMO CEO Bill Downe earned C$9.5 million ($9.8 million) in the bank's fiscal 2010, up from C$7.5 million the previous year, while Scotiabank's Rick Waugh was paid C$10.7 million, up from C$9.8 million, according to regulatory filings.

The bank's are Canada's No. 4 and No. 3 lenders, respectively.

Profit at BMO rose 57 percent to C$2.8 billion in 2010, while Scotiabank's net profit climbed 19.5 percent to C$4.2 billion.

All of Canada's six biggest banks emerged from the financial crisis in relatively strong shape, with none receiving a government bailout.

Following the crisis, BMO has begun making acquisitions as it seeks to increase its U.S. business. In December, it launched a $4.1 billion takeover bid for Wisconsin lender Marshall & Ilsley Corp. BMO reports first-quarter 2011 results on Tuesday.

Scotiabank has been making small acquisitions to bolster its presence in Latin America and Asia, and the bank is in the process of closing its C$2.3 billion acquisition of wealth manager DundeeWealth.

Royal Bank of Canada and Toronto-Dominion Bank, the country's top two banks, unveiled their CEO pay packages earlier in the month, with both CEOs getting modest raises.

TD's Ed Clark got an 8 percent increase to C$11.3 million in 2010, while RBC CEO Gordon Nixon earned C$11 million, up 5.8 percent from the previous year.

($1=$0.97 Canadian)

(Reporting by Cameron French; editing by Peter Galloway)

<p>Bank of Montreal (BMO) Financial Group President and Chief Executive Officer Bill Downe addresses shareholders at the annual general meeting in Winnipeg, Manitoba March 23, 2010. REUTERS/Fred Greenslade</p>